On Monday, the Boston Globe cited a report from Sports Illustrated which revealed the new pact will take him through the 2017 season, at which time Brady will be 40 years old.

According to the report, Brady will receive a $3 million signing bonus and will earn just $7 million in 2015, $8 million in 2016 and $9 million in 2017.

The deal will enable the Patriots to have greater financial flexibility over the next two seasons. The two-time league MVP was slated to have a salary cap hit of $21.8 million in 2013 and 2014 under the five-year, $78.5 million pact he signed prior to the 2010 campaign.

The new breakdown on yearly cap numbers, as reported by NFL insider Peter King, is as follows: $13.8 million for 2013, $14.8 million in 2014, $13 million in 2015, $14 million in 2016 and $15 million in 2017.